Wall Street 11am,0354NEW YORK (AP) - Stocks followed bonds lower this morning, continuing Thursday's late-day selloff that sent the Dow Jones industrial average down nearly 100 points.
At 11 a.m. on Wall Street, the Dow Jones industrial average was down 57.73 at 6,698.02. On Thursday, the blue-chip index dropped 94.28 points in the busiest day of trading ever on the New York Stock Exchange.
Declining issues outnumbered advancers by an 7-to-3 margin on the New York Stock Exchange, where volume came to 175.30 million shares, down from 199.62 at late morning on Thursday.
The Standard & Poor's 500 list fell 5.53 at 772.03, while the NYSE composite index was down 2.90 at 406.25. The Nasdaq composite index fell 2.90 at 1,375.47, and the American Stock Exchange composite index was down 0.87 at 588.82.
Stocks resisted immediate selling pressure at the start of today's session, but fell once bonds turned lower, boosting interest rates.
Declining bond prices also sent stocks plunging Thursday, stealing the Dow's first trip above 6,900 and record-highs in other broad-market indexes.
``Interest-rate fears just caught up with the market,'' said Brian Belski, technical analyst at Dain Bosworth in Minneapolis. ``We haven't seen this level in interest rates in a while.''
The yield on the 30-year Treasury bond - a key determinant of borrowing costs that has surged in recent weeks amid inflation jitters - rose to 6.92 percent today from 6.86 percent late Thursday. Higher interest rates hurts stocks by slowing consumer borrowing.
Weighing down the Dow was Philip Morris, down 2 at 115 5/8, Coca-Cola, falling 1 1/4 at 56 1/4, and Boeing, losing 1% at 108 7/8.
Some stocks, however, did move higher today, offsetting the Dow's decline. GM gained 1 3/8 to 63 1/4 after the Wall Street Journal reported the automaker's board may boost its quarterly dividend and approve a stock buyback program.
Overseas, Tokyo's Nikkei stock average fell 1.2 percent, and Frankfurt's DAX index was down 1.2 percent. In afternoon trading, London's FT-SE 100 was down 1 percent.
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